Flug points to risks as banking competition work proceeds
Central bank governor says bill needs further “fine-tuning”
The Israeli government approved a bill designed to increase banking competition in Israel on July 31, though Bank of Israel governor Karnit Flug said the legislation needed some further adjustment and threw up new risks.
The bill must still be passed by the Israeli parliament, but in its current form it enshrines the main recommendations of the "Strum committee", namely to separate Israel's two largest banks – Bank Leumi and Bank Hapoalim – from their card businesses.
The bill drops an idea
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